2021-03-31-accounts

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SPENCER WILLS TRUST

I report to the trustees on my examination of the financial statements of The Spencer Wills Trust (‘the charity’) for the year ended 31 March 2021, which are set out on pages 6 to 11.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Name: ZOE LONGSTAFF-TYRRELL FCA DChA The Institute of Chartered Accountants in England and Wales

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Portland 25 High Street Crawley West Sussex RH10 1BG

Date: 3 August 2021

Page 5

		Unrestricted	Unrestricted	TotalFunds	TotalFunds
	Note	Income	Capital
		Fund	Fund	2021	2020
		£	£	£	£
INCOMEfrom
Investments
-portfolioincome		51,248		51,248	51,333
-interest		4		4	18
TOTALINCOME		51,252		51,252	51,351
EXPENDITUREon
Expenditureoncharitable
activities	2	10,514		10,514	38,942
TOTALEXPENDITURE		10,514		10,514	38,942
NETINCOMEbeforegainson
investments		40,738		40,738	12,409
Realisedlosses ondisposalof
investments	4		(11,327)	(11,327)
Netgains/(losses)/on
investments	4		305,662	305,662	(91,213)
NETINCOME/(EXPENDITURE)		40,738	294,335	335,073	(78,804)
RECONCILIATIONOF FUNDS
Totalfundsbroughtforward	6	56,607	1,406,127	1,462,734	1,541,538
Totalfundscarriedforward	6	97,345	1,700,462	1,797,807	1,462,734

	Note		2021		2020
		£	£	£	£
FIXEDASSETS
Investments	4		1,697,586		1,403,189
CURRENTASSETS
Cashatbankandinhand		101,997		61,261
CREDITORS:Amountsfalling
duewithin oneyear	5	1,776		1,716
Netcurrentassets			100,221		59,545
TOTALNET ASSETS			1,797,807		1,462,734
FUNDS:
Unrestrictedfunds:
IncomeFund	6		97,345		56,607
CapitalFund	6		1,700,462		1,406,127
TOTALFUNDS			1,797,807		1,462,734

2	EXPENDITUREONCHARITABLEACTIVITIES	2021	2020
		£	£
	GRANTS
	ArtsEducationalSchool		5,000
	ChattriMemorialFund		500
	GlyndebournePitPerfect-YoungMusiciansCharity		3,843
	GlyndebourneTouring	290	290
	Jamie'sFarm		5,000
	Lamda		5,000
	LewesDistrictChurchesHomelink		5,000
	MountViewAcademy		5,000
	SpeakersTrust		5,000
	StBartholomewsPCC	1,200	1,200
	SouthDownsNational ParkTrust	5,000
	RobertsbridgeCricketClub	2,000
		8,490	35,833
	ADMINISTRATIVECOSTS
	Grantadministration costs	250	500
	Administrator	250	500
	Accountancyfees	930	1,056
	Independentexaminationfees	660	660
	Meetingsexpenses		584
	Investmentmanagementfee rebate	(66)	(191)
		2,024	3,109
	TOTALEXPENDITUREONCHARITABLEACTIVIES	10,514	38,942

4	INVESTMENTS			2021	2020
				£	£
	Marketvaluation at1April			1,401,692	1,492,905
	Purchasesatcost			188,000
	Salesconsideration			(188,133)
	Realisedlossonsales			(11,327)
	Netunrealised gains/(losses)inyear			305,662	(91,213)
	Marketvaluationat31March			1,508,082	1,401,692
	Cashdeposits			1,692	1,497
	Totalinvestments			1,697,586	1,403,189
	Historicalcostat31March2021			1,096,285	1,107,550
	PORTFOLIO:	2021	2021	2020	2020
		Cost	Marketvalue	Cost	Marketvalue
		£	£	£	£
	SarasinEndowmentsFund	1,094,593	1,695,894	1,106,053	1,401,692
	Cashdeposits	1,692	1,692	1,497	1,497
		1,096,285	1,697,586	1,107,550	1,403,189
				2021	2020
5	CREDITORS:Amountsfalling duewithinone		year	£	£
	Accrualsandothercreditors			1,776	1,716

			2021	2020	2020
6	FUNDS	Income	Capital	Income	Capital
		£	£	£	£
	Balance at1April	56,607	1,406,127	44,198	1,497,340
	Income	51,252		51,351
	Expenditure	(10,514)		(38,942)
	Investmentmovements		294,335		(91,213)
	Balanceat31March	97,345	1,700,462	56,607	1,406,127

7	ANALYSISOFNETASSETSBETWEENFUNDS
	CURRENTYEAR-2021	IncomeFund	CapitalFund	TotalFunds
		£	£	£
	Investments		1,697,586	1,697,586
	Cashatbank	99,121	2,876	101,997
	Currentliabilities	(1,776)		(1,776)
		97,345	1,700,462	1,797,807
	ANALYSISOFNETASSETSBETWEENFUNDS
	PREVIOUSYEAR-2020	IncomeFund	CapitalFund	TotalFunds
		£	£	£
	Investments		1,403,189	1,403,189
	Cashatbank	58,323	2,938	61,261
	Currentliabilities	(1,716)		(1,716)
		56,607	1,406,127	1,462,734